General features2. In 20x3, Entity A makes a retrospective application of anaccounting policy that has a material effect on the informationin the statement of financial position as at the beginning of thepreceding period. Entity A wishes to provide comparativeinformation in addition to the minimum requirement of PAS1, i.e., Entity A will be presenting its 20x3 financial statementstogether with the 20x2 and 20x1 financial statements. In thiscase, the additional statement of financial position required byPAS 1 will be dated150as at January 1, 20x1.b. as at January 1, 20x2.c. as at January 1, 20x3.d. for the period ended 20x1,а.the presentation of, and theACKAIL 8. Which of the following is a current liability?a. Deferred tax liabilityb. An obligation for which the entity has an unconditionalright to defer.C A long-term obligation that becomes payable on demandbecause of a breach of loan agreement but the lenderagrees before the balance sheet date to provide a graæperiod for the lender to rectify the breach.d. An obligation for which the entity has a conditional righto defer.

Financial Statements -: Financial Statements are the details of the entity's that provide financial…

2. In 20x3, Entity A makes a rétrospecu accounting policy that has a material effect on the information in the statement of financial position as at the beginning of the preceding period. Entity A wishes to provide comparative information in addition to the minimum requirement of PAS 1, i.e., Entity A will be presenting its 20x3 financial statements together with the 20x2 and 20x1 financial statements. In this case, the additional statement of financial position required by

2. In 20x3, Entity A makes a rétrospecu accounting policy that has a material effect on the information in the statement of financial position as at the beginning of the preceding period. Entity A wishes to provide comparative information in addition to the minimum requirement of PAS 1, i.e., Entity A will be presenting its 20x3 financial statements together with the 20x2 and 20x1 financial statements. In this case, the additional statement of financial position required by

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Listed below are several types of pronouncements that the FASB issues. Following the lis is a series of descriptive statements. a. Statements of Financial Accounting Standards b. Interpretations c. Technical Bulletins d. Statements of Financial Accounting Concepts e. Guide for Imprementation _____ Establishes a theoretical foundation upon which to base fanancial accounting and reporting standards. _____ Provides clarification of conflicting or unclear issues relating to previously issued pronouncements. _____ FASB Q's and A's. _____ Establishes generally accepted accounting principles. _____ Provides guidance on accounting and reporting problems related to an underlying standard.
It is the date when an entity's management authorizes the financial statements for issue, regardless of whether such authorization is for final issuance or for further approval by other parties. * Date of authorization of financial statements for issue O Financial reporting date O Balance sheet date O Valentine's date
GAAP is comprised of: O FASB financial standards. O FASB standards, interpretations, EITF consensuses, and accounting rules issued by FASB predecessor organizations. O any accounting guidance included in the FASB Codification. O FASB standards, interpretations, and concepts statements.
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An entity shall present, either in the statement of comprehensive The following statements are correct, except: а. income or in the notes, the amount of dividends recognized as distribution to owners during the period. The notes shall present information about the basis of preparation of the financial statements and the specific accounting policies b. used. An entity shall disclose in the summary of significant accounting policies the measurement basis used in the preparation of С. financial statements. d. For each component of equity, a reconciliation is made between the carrying amount at the beginning and the end of the period separately disclosing changes from profit or loss. 5.
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Which pronouncements are not issued by the FASB? a. Statements of Financial Accounting Concepts b. Technical Bulletins c. Opinions d. Interpretations
Which of the following standards set the required disclosures forconsolidated financial statements? a. IFRS 3 – Business Combinationb. IFRS 10 – Consolidated Financial Statementsc. IFRS 12 – Disclosure of Interest in Other Entitiesd. IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors
these are the current set of GAAP or Generally Accepted Accounting Principles. what is it?
6. Which statement is correct concerning interim financial reporting?I. An interim financial report may consist of a complete set of financial statement.II. An interim financial report may consist of a condensed set of financial statement. 7. An interim financial report shall include?I. Condensed statement of financial position and comprehensive incomeII. Accounting policies and explanatory notes